Lee Jae-myung on 'Local Currency Budget Cuts'... "Ministry of Economy and Finance, Arrogant and Coercive with Budget Authority"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the Democratic Party's presidential primary candidate and Governor of Gyeonggi Province, directly criticized the Ministry of Economy and Finance (MOEF) on the 10th for drastically cutting the budget related to local currency in next year's main budget, saying, "Is this country the MOEF's?"

On the 10th, during a press conference held at a restaurant in Mapo-gu, Seoul, to announce the 'Protection of the Rights of the Subordinate (Eul)' pledge, Lee spoke about the pledge to expand the issuance of local currency, pointing out, "Deputy Prime Minister Hong cut the budget supporting local currency by 77%. I just can't understand it. If you stay in a warm living room, it's hard to understand the pain of a field battered by cold winds and snowstorms."

He added, "COVID-19 is not over yet, but they are assuming it is over and saying, 'Since this is a COVID-19 response budget, we will drastically cut it next year.' I find this attitude hard to understand," and criticized, "Who says COVID-19 will be over next year?"

Lee said, "Looking at this, the MOEF is too reckless, arrogant, coercive, and excessive in holding the budget formulation authority," and criticized, "Is this country the MOEF's?" He also repeatedly criticized Deputy Prime Minister Hong, saying, "Minister of Economy and Finance, please don't do this. You shouldn't do this."

The MOEF announced on the 31st of last month in the government's draft budget for next year that the budget supporting the issuance of local love gift certificates will be cut by 77.2%, from 1.0522 trillion won this year to 240.3 billion won. Regarding this drastic cut, the MOEF stated, "While significantly easing local financial burdens through an increase in local allocation tax, temporary projects such as local love gift certificates will be gradually normalized."

This content was produced with the assistance of AI translation services.